February 2, 2024: Real estate developer Signature Global has registered a net profit of Rs 21.79 million and witnessed a presales growth of 47.38% to Rs 12,627.34 million for the third quarter of financial year 2024, according to an official release. The company attributed the quarterly performance and increase in revenue from operations by 53.86% to a combination of higher realisations and pre-sales growth.
According to the release, pre-sales in Q3 FY24 jumped by 47.38% to Rs 12,627.34 million as against Rs 8,567.79 million in Q3 FY23. The company reported 45.9% growth during the period, with collections recorded at Rs 7,690.52 million. The number of units increased to 1,179 from 1,089 in Q3 FY23, witnessing a growth of 8.26%. Area sold increased by 19.09% to 1.31 million square foot (msf) in Q3 FY24 from 1.10 msf in Q3 FY23.
For 9M FY24, pre-sales saw a growth of 41.38% to Rs 31,241.29 million as against Rs 22,097.89 million year-on-year (YoY). The company registered an increase in collections by 57.40% to Rs 20,965.10 million as against Rs 13,319.60 million YoY during the period. Number of units remained almost flat at 3,135 from 3,113 in 9M FY23. Area sold increased 8.84% to 3.20 msf in 9M FY24 from 2.94 msf in 9M FY23.
During Q3FY24, revenue from operation increased to Rs 2,818,.05 million in Q3FY24 from 1831.59 million in Q3FY23 primarily new Occupation Certificates (OC) of units. The company generated profit of Rs 21.79 million in Q3FY24 as compared to losses in previous quarters. The adjusted gross profit margin reduced to 27.31% in Q3FY24 as compared to 35.41% in Q3FY23 while adjusted EBITDA margin reduced to 9.78% in Q3FY24 as compared to 11.23% in Q3FY23.
Pradeep Kumar Aggarwal, chairman and whole-time director, said, “Buoyed by strong pre-sales numbers and growing housing demand, we have reported robust performance for the third quarter ended Dec 31, 2023. Over last few quarters, we are witnessing growing demand from the mid-housing segment along with better realisations. As we embark on a journey post listing, we are working on improving the sales trajectory in the mid-housing segment that would help us in bettering our blended EBITDA margins. We are witnessing a revived sentiment in the real estate market in Gurugram and other adjoining areas. This upcycle is expected to help the company gain a sizeable market share in the area that we are focusing.”
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